Living through 2008-2009 on Wall Street felt like the worst thing that ever happened to me.

- 20% of my friends fired
- the world was going to end
- did I work for the bad guys?
- lost lots of $0's

But I learned ONE lesson that has made me millions since..
It's called the Balcony, and here's the story:
I was sitting on the trading floor watching colleague after colleague pack up their boxes as the firm fired 20% of the workforce in one day in 2008.

There were tears, angry outbursts and security guards to walk them out.
I'll never forget their faces.

I sat watching the news late at night, saying Goldman was a succubus on the economy. I crossed protests to get to the office.

They yelled while I kept my head down.
Up 30+ floors I looked down on them marching in the cold.
Weeks of this wore on me until I voluntarily looked to find ways to leave.
I wanted the firm in my rearview mirror.
I found a new gig and sold all my stock (at the bottom of the financial crisis).
BUT I missed something entirely, the financial crisis was far from their fault.

In fact, arguably, they had the cleanest balance sheet of any of the banks.

They didn't even have a res mortgage facility to loan to individuals.

Were they saints? No. Were they evil? No.
I forgot a golden rule:

When everyone is running the same direction, don't get caught in the mob.

Get to the periphery, take a pause.

My mentor at the time said: Go to the Balcony....
Close your eyes, imagine climbing up on a high balcony.
Now look down upon the situation like you're not in it.
Remove yourself from the chaos.
Now everytime I think about selling or buying an investment out of emotion I say - Go to the Balcony.

I pull back, get out of the thick of it and confirm it's my head, not my cortisol levels making decisions.
Secret: The least emotional investor always wins.

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More from @Codie_Sanchez

16 Apr
I have this theory: we have to unlearn what we were "taught" in school

Fancy, expensive schools, big companies -> don't teach what we should really learn.

Thread on 5 things I wished I learned earlier:
#1 Negotiate EVERYTHING
You will NEVER get what you don't ask for.
Graph: Difference in same salary over course of career for those who negotiate &who don't is $2MM.

Most people don't negotiate. Don't be most people.
#2 The Top 1% - Have $ Make $
View the world as a business owner- real wealth is made through equity and ownership.

How to get equity?
Start thinking like an owner.
Take on more tasks.
Ask what work you could do to get equity. Then crush it.
Read 7 tweets
15 Apr
The secret to wealth building?
A portfolio of small bets.
As you go, you double down on winners and cut losses on losers.

A thread on wealth creation your financial advisor doesn't want you to read:
#1 Public Markets are NOT the way to F U Money
- Even in this massive bull run, look at the Forbes 100 list.
- None of those names got there by stock picking.
#2 WAIT CODIE - What about Buffet & Icahn.
- They do insider deals bud. I was at Goldman when Buffet negotiated his private deal w/ warrants & options
- Icahn literally does stock manipulation aka activism.
- Even geniuses don't play on a level field. They build their own.
Read 12 tweets
13 Apr
How four decisions led to me losing $11,671,000 benjamins....

I write a lot about the good deals I've made, a thread on some of my more asinine decisions. My hope - you learn so there's some point to it all πŸ˜‚
Decision #1: Divorce.
Your MOST important partner, the one you pick for life.
I got married young. Did well.
Realized I hated that fast-paced, Wall St, country club, sports car life.
I wanted out, he didn't. So I gave away 60% to avoid litigation.
Never worn Chanel since 😜
A $2.5-3M loss.

Lesson 1: Partnerships are easy to get into damn hard to exit.
Lesson 2: There's always an exit tax.
Read 13 tweets
9 Apr
I was burned out in finance, working on someone else's schedule, tired of having my time tied to $.
So I started investing in cash-flowing biz's.
Not sexy startups, but boring businesses.

One of my fav small deals netted $67k a year, $100k at close... w/ quarters

A thread:
I asked myself:
How could I work when I want, where I want and on what I want.

Problem:
I'm not smart enough to create the next Tesla, Bitcoin, FB, etc.
But I can model like a MF'er and I'm pretty good at DD

Solution: Maybe I should just buy a boring cash-flowing biz?

Now I own 7 that I'm active in and many more that I passively invest in.

Now I ask myself: how do I get more people in the ownership/acquirer seat?
Read 10 tweets
8 Apr
10 Hard Truths About Getting Rich.

The things no one told me, that are the opposite of PC.. and turn out to be true... (a thread)
1) You need to know how it feels to lose, to win. You won’t take enough financial risk if you always play small.

So I hope you lose early, then you’ll see at once how it feels to survive & realize you aren't invincible.
2) There is a direct correlation between doing hard things AND making money.

The harder the problems you solve, the tougher the challenges you put in front of yourself, for some reason the universe rewards those.
Read 11 tweets
7 Apr
Buying 300 golf carts at a bankruptcy auction & selling them for 5x?

Don't let the ridiculously high stilettos fool you.
@LisaSongSutton is a former attorney & shark.
A thread from our call on buying at bankruptcy auctions:
Tiny lady + big profits.
5'2 inches of lil Lisa likes to call up trustee attorneys and tell them:
- she's a cash buyer and when they have items come up to put her on the list.
- that's how she got access to 300 golf carts at a golf course firesale
- she promptly bought them..
When I asked, "But, how'd you know what to buy them for, how to sell them and whether you'd make money?"

She replied, "Google, b*tch."
Ok. Point taken.
Read 6 tweets

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